KL’s information: EU leaders are now working on this kind of financing model for Ukraine

Even on Wednesday, the officials of the 27 EU countries, who were preparing the final conclusions of the EU summit, had not found an agreement on the financing option for Ukraine. It was not found in the final draft of the summit seen by Kauppalehti on Wednesday.

The agreement was hammered out between the member countries late Wednesday evening. One negotiation source said that he is “cautiously hopeful” that the EU leaders will find an agreement at the summit based on the model that is being prepared (Wednesday evening).

In the updated final conclusion draft received by Kauppalehti on Thursday, Ukraine’s financing model is recorded. According to it, Ukraine’s financing for the years 2026–2027 would be based on a war compensation loan based on Russia’s frozen assets.

However, due to Belgian opposition, the war reparations loan conclusions have been entered in parentheses, which indicates that there was a lot of friction at the meeting of the EU leaders.

This is how Thursday’s final draft of the summit reads: The European Council urges the Council and the European Parliament to urgently adopt instruments to establish a compensation loan based on cash related to Russia’s frozen assets to ensure the coverage of Ukraine’s financial needs from the second quarter of 2026, including military needs.

After this, there are listings on how to protect yourself from possible Russian retaliation.

The draft final conclusion does not yet mean that the 27 member countries will find an agreement based on it.

Difficult meeting

The EU leaders who arrived at the summit on Thursday morning anticipated a long and difficult meeting.

Prime minister Petteri Orpo (kok) stressed upon arriving at the meeting place that the use of Russian funds is “the only option”.

Another option presented by the Commission is a joint loan based on the EU budget, but that is not suitable for Orpo.

“The solution (for the war reparation loan) must be found with Belgium,” Orpo said.

According to EU sources, Belgium’s key requirement is that there should be no restrictions on the guarantees offered by other countries, so that Belgium would be protected in all situations from Russian retaliation.

It is difficult to implement the requirement because, for example, Finland has emphasized that guarantees must be strictly limited. Orpo also repeated this on Thursday in Brussels.

Also the prime minister of Sweden Ulf Kristersson said that Sweden is fully in favor of using Russia’s frozen funds to support Ukraine.

“I sit here all night,” Kristersson said.

According to him, Belgium has had legitimate questions, but the Commission has found good answers to them.

Belgium’s suspicions

Prime Minister of Belgium Bart De Wever did not appear in front of the media on the morning of the summit. Instead, he spoke to the Belgian parliament on Wednesday morning and said he had yet to see a text that would convince him to give Belgium approval.

“I haven’t seen one yet. I hope to see one today, but I haven’t,” De Wever said Thursday morning, speaking to the Belgian parliament.

Belgium manages a significant part (185 billion euros) of the EU’s approximately 210 billion euros of frozen Russian funds and does not want to be left alone to bear the financial burden if Russia wins the fund management Euroclearia the lawsuit filed against.

In order to be

Prime Minister of Hungary Viktor Orbánin according to the whole idea of ​​using Russian funds is stupid. In addition, according to him, there is not enough support for the war compensation loan in the member countries.

Despite the war, the pro-Russian Orbán has kept in touch with the Russian president Vladimir Putin and constantly tried to prevent Europe from supporting Ukraine financially.

On Thursday, the Hungarian Prime Minister denied that he was acting to promote Russia’s interests.

“I work for peace, not war,” Orbán said.

Prime Minister of Poland Donald Hardly according to which Europe must find the money for Ukraine.

“We don’t have a simple choice: either money now or bloodshed later,” Tusk said.

According to him, it is not only Ukraine, but the whole of Europe.

Also the President of the European Council Antonio Costa emphasized the importance of decision making.

“The solution is vital so that we can create pressure on Russia,” he said.

If funding can be secured, Ukraine can enter the peace negotiations from a strong position.

“We won’t leave here until the decision is made,” Costa emphasized.